The Govt austerity initiative which is aimed at energy conservation is a commendable step as it will help lessen the burden on our foreign reserves allocated for the import of oil and gas every year for carrying out the power production.

As the country is in severe economic crisis and it cannot afford the import bill of fossil fuels consisting of over 20% of the total import expenditure of $80 billion a year, the Austerity initiative can make a difference if implemented in real sense of the word. It is also welcome to note that the Govt has made it clear that the initiative will be implemented after thorough consultations with the stake-holders, particularly the business community. As  matter of fact, our country Pakistan enjoys a lot of sunshine on most day during the entire year and it would be a more wise practice to utilize it for generation of cost-effective  energy. The initiative includes the government's proposal to close the markets and business centres at 8 pm, hotels and restaurants at 10 pm.

In the wake of unprecedented financial crisis upon the nation, time has come for an all-out austerity drive to overcome the situation to some extent. However, adopting, implementing and enforcing such measures will be a litmus test for the abilities of the coalition govt, which till now has successfully implemented some energy-related efforts like it slashed the fuel quota of govt Ministers, bureaucrats, and officials which is considered as first major drive to overcome govt expenses.

Though the staunch detractors and critics of the government are up in arms but this is the only way out in the wake of the unprecedented rise in petrol prices which are in tune with the rising fuel prices in international market. That Pakistan's import bill which is mainly consists of oil and food import has risen beyond imagination, adding to the foreign account deficit and rupees devaluation, and hence controlling the expenses on oil fronts has become a must for those at the helm of affairs.

In this backdrop, the government has rightly taken the decision to begin austerity drive.  In fact, austerity is not an initiative it is has become binding upon us in the current economic challenges that the country is faced with. There is no denying that the financial health of the government institutions is not in good condition and time has come to take a detailed view of the situation and enforce remedies accordingly. Furthermore, the Prime Minister Shehbaz Sharif sometime back had also directed the Ministry of Finance for devising ways and means to curtailing unbridled expenditures by imposing a ban on purchase of new cars and vehicles for the departments and had also called for banning the filling vacant posts to avoid further burden on the exchequer.

In fact, by setting their own house right, the government will be able to take the masses into confidence as the public will get the message that it is not the public alone to face the face the axe as the government ministers and bureaucrats are also bearing the brunt of the situation due to financial belt-tightening. As a matter of fact, there seems to be a change in the narrative, at least for the time being, of the ruling elite, who are applying the govt steps for the first time to themselves as well. 

It may be mentioned her that during the corona pandemic, the government offices were close but the Ministers, the cabinet members, the bureaucrats and the govt officials enjoyed all the perks which was not justified by any means. The common man has suffered a lot due to such policies and now it is time for the elite class to opt for austerity measures to lessen the economic burden on the government exchequer which is reeling under the effect of the situation  In fact, it is the best way to address the challenges of price hike and daunting double digit inflation.

Time has come that each and every government department should explore every possibility and option for  overcoming the expense though curtailments of  non-development budget and enforce the reduction in unnecessary budgets in use of public money. 

Time has come for reducing the ever-widening gap between the lifestyles of our ruling elite and the masses. The seemingly lavish lifestyles give the impression of wasting the government resources which mainly come from the direct or indirect taxes paid by the masses, so these lifestyles must be altered. Rather there is need for extending the canvass of austerity drive to cut the government expenses to meet the budget deficits and generate exchanges for meeting the debt deadlines in coming future. 

The successive government in our parts of the world including Pakistan are criticized for the  world over for their lavish government spending and unnecessary joyrides and as such our government should do away with avoidable spending as it is need of the hour. The government has acknowledged that the path ahead is thorny but they should tread this path as it is must for repaying the pile of foreign debt, otherwise Pakistan would land into Sri Lanka-like situation which has failed to meet debt deadlines and is deep in crisis.

Published in The Daily National Courier, December, 31 2022

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